Higher Mortgage Rates Are Taking a Toll on New Construction

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Higher Mortgage Rates Are Taking a Toll on New Construction

As rising mortgage rates continued to quell homebuyer demand and force builders to scale back their plans, U.S. housing starts fell 4.2% in October to an annual pace of 1.43 million from 1.49 million in September. Mortgage rates have yet to peak as the Fed continues its rate-hike campaign meant to slow inflation, and in…
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